Spitfire Energy Ltd.

Spitfire Energy Ltd.

May 06, 2008 12:36 ET

Spitfire Energy Announces $4 Million Budget and Six-Well Drilling Program

CALGARY, ALBERTA--(Marketwire - May 6, 2008) - Spitfire Energy Ltd. (TSX VENTURE:SEL) announces that its board of directors has approved a $4 million dollar capital budget for its fiscal year commencing April 1, 2008 to be funded by operating cash flow. Drilling is anticipated to represent 65% of the budget, land and seismic 20% and facilities 15%.

Spitfire has initiated a six-well drilling program and has completed and tested one (one net) well as a potential gas well. Pipeline activities to market the gas are underway. Five additional wells (4.7 net) are in various stages of implementation and are expected to be drilled within the next two months. Four of the six wells are in Saskatchewan and two are in Alberta. Spitfire anticipates a second round of drilling within the year once this activity is complete.

Spitfire Energy Ltd. is a junior oil and gas company engaged in the exploration, development and production of natural gas and crude oil reserves. Spitfire's common shares trade on the TSX Venture Exchange under the symbol "SEL".

This press release contains forward-looking statements that are based on current expectations. There are a number of risks and uncertainties associated with the oil and gas industry that could cause actual results to differ materially from those anticipated.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the contents of this press release.

Contact Information

  • Spitfire Energy Ltd.
    Keith N. Chase
    President and Chief Executive Officer
    (403) 205-3400 x224
    Spitfire Energy Ltd.
    Danny Zivkusic
    Chief Financial Officer
    (403) 205-3400 x228